Electricity prices set to fall in Sweden, Finland, rise in Norway over next 5 years

18/12/2020 08:47 Electricity Market

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The change in prices results from rising demand from the transport sector and industry, the addition of wind power capacity and new interconnectors with the rest of Europe, the grid operator said

Consumers in Sweden and Finland may be able to look forward to lower household bills after the Swedish power grid operator on Thursday said it expects spot power prices to fall over the next five years.

 

But in Norway, wholesale spot power prices, a key ingredient in end-user prices together with taxes and levies, could rise, grid operator Svenska Kraftnat predicted.

 

The change in prices results from rising demand from the transport sector and industry, the addition of wind power capacity and new interconnectors with the rest of Europe, the grid operator said.

 

Svenska Kraftnat predicts Finnish spot prices will fall by 5 euros to 34 euros per megawatt-hour (MWh) over 2021-2025. This is due to a planned startup of the 1,600 megawatt (MW) Olkiluoto-3 nuclear reactor which will boost supply and reduce the need for imports from Sweden and other countries.

 

Swedish power prices are also expected to fall by 2-3 euros to 29-34 euros/MWh over the same period, pushed down by an increase in wind power supply, it added.

 

Meanwhile, in Norway, power prices are expected to rise by 2 euros to 34 euros per MWh. This follows the start of exports via a new power cable to Germany, and plans for another link to Britain next year.

 

Norway also leads the world in number of electric cars per capita, and plans to supply more power from land to its oil and gas platforms in the North Sea.

 

In Denmark, the outlook for power prices is mixed, with western Denmark expected to see a rise by 3 euros to 37 euros/MWh, while prices in eastern Denmark are seen falling by 1 euro to 34 euros/MWh.

 

Price volatility will increase, with prices of below 5 euros/MWh and above 80 euros/MWh occurring more often, the report said. This reflects a bigger share of intermittent power sources and a smaller share of output from producers that can plan production levels.

 

Nordic countries are expected to remain net power exporters with annual supply rise of 40 TWh more than offsetting an expected demand increase by 32 TWh from 2021 to 446 TWh in 2025.

 

source:energy.economictimes.indiatimes.com

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